If you’re not interested in purchasing a big house, then living in a condo or an apartment are usually the next two options that come to mind. But which one is the right fit for you? Whether you are a young professional looking to create a place of your own or a retiree interested in downsizing, condo living is always the best option.
Here are the top 3 reasons why a condo is better than an apartment:
1. You have more authority
One of the greatest advantages of condo living is that you have a voice in the community.
When you live in a condo, you and the other residents play a major part in managing the community. For example, as a member of the condo association board, you can have the power to discuss the regulations and bylaws that govern the community. Whereas, in an apartment, you are essentially subject to your landlord’s decisions and you have little to no say in building rules and regulations.
Additionally, while living in a condo community, you will contribute to homeowner association fees, which empower you to be a part of key decisions regarding common areas and building exteriors.
Living in a condo is better than an apartment because you are able to strike the perfect balance between the responsibilities of homeownership and the powerlessness of apartment renting.
2. It is more personal
Next, a condo is better than an apartment because it is a more personal living space.
In an apartment, it is usually impossible to customize or renovate any of the rooms. Conversely, in a condo, you have more of an opportunity to make your home truly yours. Depending on the stipulations of your specific condo community, certain areas may be off-limits for renovation. But, generally, you have the freedom in a condo to customize anything from the “paint in,” including, for example: appliances, cabinets, lighting fixtures, paint colors, etc.
A condo is also more personal than an apartment because you will enjoy greater longevity and privacy.
Typically, most apartment leases are for one year only. While this may be convenient if you are planning to move frequently, it robs you of the opportunity to truly settle into the space and make it your own. Also, while living in an apartment, you are generally in closer quarters to your neighbors and will enjoy less privacy and personal, quiet space than you will while living in a condo.
3. It is more financially productive
Finally, one of the chief reasons why a condo is better than an apartment is that it is a much more financially productive choice.
When living in a condo, you are investing money in owning property. This is particularly beneficial for young professionals who want to start building equity but are not yet ready to buy a house.
On the other hand, if you live in an apartment, you will not enjoy any return on your investment and you will not build equity in ownership. Instead, you will suffer lost opportunity costs. This means that you will simply be pouring your money into monthly payments to your landlord with no chance for a return in the future.
Living in a condo is also a more financially productive choice because it offers more stable payments. While living in a condo, your payments will generally remain fixed as you pay them off. (Of course, this depends on the specifications of your down payments, interest rates, and loan program.) Whereas, if you live in an apartment, you may be subject to increases in your rent with every renewal of the lease.
Unlike condo living, apartment living adds unpredictability to your expenses.
At a glance, condo living and apartment living can seem very comparable. However, life in a condo community offers many more advantages than can an apartment.
A condo is better than an apartment because it affords you more authority, it is more personal, and it is more financially productive.
Ready to make the move? Brendon Homes’ newest condo community, Northside Meadows, is uniquely designed for residents fifty-five years or older.
Read more about Northside Meadows and its luxurious floor plans here.
Then, contact Brendon Homes to learn more about how you can become a part of the community.